HONG KONG -- As U.S. President Donald Trump's trade war with China rages on, Beijing is counting on the country's 1.4 billion consumers to pick up the slack by spending more. But many have continued building up their savings, instead.
Economy
Why China's consumption boost has fallen flat
Housing slump, debt and job market woes drag down consumer confidence, economists say
Residential buildings under construction in Huizhou, Guangdong province, China in October 2024. "The popping of China's housing bubble has had a severe impact on household wealth," one expert says. © Reuters
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